How to Apply for Credit Cards for My Store

It can take several years for a business to begin making a profit. As such, it is important for the business to have the means to purchase necessary items. In addition to significant start-up capital, businesses should also hold sources of money. This includes credit cards. If put in a pinch, a credit card can be used to make a necessary repair, purchase office equipment or used for another prudent purpose. Further, it helps the business earn a high credit rating, making it eligible for bank loans in the future.

Difficulty: Moderate

Instructions

Things You'll Need:

• Employer tax ID
• Credit card application forms

1. Log on to the CreditorWeb website and click the "Find your card" button.

2. Choose the responses to the questions presented that best match your situation and expectations in a credit card company and click "Find Your Card."

3. Look through the cards CreditorWeb finds is a good match for your needs and compare the features, rates and fees.

4. Conduct further research by visiting the websites of each of the companies you are looking into.

5. Decide which card is best for your business.

6. Click the "Apply Here" button or visit the company's website to apply there.

7. Fill out the credit application completely. You will need your personal Social Security number (as the primary holder of the card), your company's tax identification number and valid contact information for your company.

8. Press the "Apply" button at the bottom of the form. The company has now received your application and will make a decision regarding your eligibility for credit and your credit limit.

Tips & Warnings

• To negotiate a lower interest rate or a higher credit limit, you may want to call the credit company directly to apply for the credit card. Representatives are often more willing to negotiate these options over the phone initially than they are if you have already been approved over the Internet.
• There are several reputable credit companies for businesses, including American Express, Discover and CapitalOne. If your company has no credit, you may be unable to get a credit line from one of these major companies. If that is the case, speak directly with your local banker about establishing credit in the name of your business. Local banks are more likely to give small businesses credit than larger credit companies.

References

• CreditorWeb: Business Credit Cards

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